NEW YORK (TheStreet) -- The hangover from the Great Recession continues to linger, and for millions of Americans it's starting to become more of an illness than just the aftereffects from a long night out on the town.
A revealing report called Wealth Levels, Wealth Inequality, and the Great Recession by the University of Michigan's Fabian T. Pfeffer and Robert F. Schoeni, Russell Sage Foundation president Sheldon Danziger and the foundation itself says less-affluent households continue to bear the brunt of economic pain from he economic collapse of 2007-08.
"While the recession had a major impact on the net worth of families across the socioeconomic spectrum, it disproportionately affected households at the bottom of the wealth distribution," the study says. "These households lost the largest share of their total wealth. As a result, wealth inequality in the U.S. has been significantly exacerbated since the onset of the recession. As of the end of 2013, the authors note that there have been few signs of significant recovery from the downturn."
The study authors describe in great detail the "broad destruction of private wealth," adding that median net worth in the U.S. rose by $86,000 from 2003-07, but declined by $115,000 between 2007 and 2013.
"Through at least 2013, there are very few signs of significant recovery from the losses in wealth experienced by American families during the Great Recession. Declines in net worth from 2007 to 2009 were large, and the declines continued through 2013. These wealth losses, however, were not distributed equally. While large absolute amounts of wealth were destroyed at the top of the wealth distribution, households at the bottom of the wealth distribution lost the largest share of their total wealth."